Businesses that succeed will most likely find themselves needing to hire more people as the company grows. In some cases, the people you need to hire will be at the top of the company, taking on executive roles. Occasionally, you may even have to hire the top-most position, the chief executive officer.
CEOs have massive shoes to fill and big roles to play in the growth and ongoing success of the business they lead. That’s just one of the reasons it’s so important to hire the right CEO the first time.
Whether your company is looking to hire its first CEO or is replacing one who’s moving on, you don’t have to go through the process alone. A virtual CFO can work with you to help you determine where you want your business to go over the next few years. From there, you can look for CEO candidates who will help your company get to where it needs to go.
Know Where to Look
The first step when hiring a CEO is knowing where to look to find viable candidates. In many cases, people who are qualified to take on executive-level roles aren’t necessarily looking to make a change. They might be happy where they are or might not have considered moving up or on.
Executive-level headhunters or recruiters specialize in finding appropriate candidates for CEO positions. They have a network of contacts and might know the right person to step into the role of CEO at your company.
Another option is to tap into your own network. You might have crossed paths with someone who would be a great fit for your company’s mission and purpose. There might also be employees at your company who are ready to step into a more challenging and leadership-focused role. You might assemble a search committee at your company, composed of members who will search their own networks to bring in CEO-quality candidates.
Write a Compelling Job Description
You need to create a thorough job description for the CEO role. You can distribute the description to any recruiters you work with and have your search committee members hand it on to any candidates they choose. You’ll also want to include the description in any job postings you create for the role.
The description should summarize the role and the expected responsibilities. It should also outline the type of experience qualified candidates will have and provide details about your company, including its mission.
Know How to Screen Candidates
Depending on where you advertise the open CEO role and the number of recruiters you work with, you may have many more candidates apply than you can interview. Screening candidates helps you separate those who you think would be a good fit from those who wouldn’t work at all. In some cases, you might have applications from people who are thoroughly unqualified for the role, such as people who are early in their careers or who have little to no management experience.
You can use candidate screening software to sort through CVs and resumes. The software scans for certain keywords, which should be based on the job description. From there, you can sort through the applications that make it past the screener, reviewing them to determine who to bring in for an interview. Look for past job experience and demonstrations of successful leadership in the candidates’ resumes and cover letters.
Before bringing CEO candidates in for in-person interviews, set up phone screenings. A quick phone call with an applicant helps you both determine if the role is a good fit and if you should move forward.
Get Help With Your Search
The virtual CFOs at New Direction Capital can help your company grow. That includes providing guidance as you search for a new CEO. We’ll help you determine if hiring a CEO works with your company’s current finances and if bringing on a new CEO is a valid next step for your business. We can also work with you to help you determine what skills and qualifications your company’s CEO needs to succeed in the position.
Hire your virtual CFO today and get ready to start the search for your company’s next CEO.